LONDON (Alliance News) - Blackrock Frontiers Investment Trust PLC held its interim dividend Thursday despite underperforming its benchmark, with assets falling on six months earlier.
For the six months ended March, net asset value per share fell to 134.67 pence from 136.26p six months earlier. During the period, the NAV per share with dividend reinvested returned 2.0% which lagged the 3.4% return from its benchmark.
"A sell-off in frontier markets occurred in fourth quarter of 2018 resulting in a significant fall in valuations," Blackrock Frontiers said in a statement. "However, the markets gained some ground back in the first quarter of 2019. A slow-down in global economic growth and a tightening of global liquidity acted as headwinds to frontier market performance during 2018 and ongoing geo-political tensions also added to volatility."
Blackrock Frontiers proposed a 3.00 US cents per share interim dividend, unchanged on the year prior.
"To date, 2019 appears to be a more benign environment for frontier market investing, with signs that the upward pressure on US interest rates has begun to reduce," Blackrock Frontiers added.
Shares in Blackrock Frontiers were 0.2% higher at 133.50 pence on Thursday.
Blackrock Fr (BRFI)